TWAV vs VXZ: Correlation
Measured on weekly returns over the past three years, TaoWeave, Inc. (TWAV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TWAV and VXZ?
Across a 3-year window, the weekly returns of TWAV and VXZ correlate at -0.25, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.07) runs above the 3-year figure (-0.25). Stretching to 5 years gives -0.26, with an annualized covariance of -690.6 %².
Out of 11 assets tracked against TWAV, VXZ lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 40.7 percentage points (-56.8% for TWAV against -16.1% for VXZ). Note the risk asymmetry: TWAV runs 4.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
TWAV vs VXZ: side by side
| TWAV (TaoWeave, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -56.8% | -16.1% |
| 5-year return | -99.9% | -53.1% |
| Volatility (ann.) | 108.8% | 25.6% |
| Beta vs S&P 500 | 1.85 | -1.31 |
| Max drawdown (3Y) | -97.8% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TWAV | VXZ |
|---|---|---|
| 2022 | -88.3% | +0.5% |
| 2023 | -88.9% | -44.0% |
| 2024 | -51.5% | -12.7% |
| 2025 | -53.4% | +5.7% |
| 2026 | -22.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TWAV and VXZ good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TWAV and VXZ?
As of 2026-08-27, the correlation of weekly returns between TWAV and VXZ is -0.25 over 3 years, -0.07 over 1 year and -0.26 over 5 years.
Is VXZ a good diversifier for TWAV?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/twav-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/twav-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TWAV correlations · VXZ correlations
